Affordable senior housing in Deerfield Beach sells for $24M

The 224-unit complex sold for $107K per unit

Aug.August 20, 2019 03:30 PM
Praxis of Deerfield Beach Apartments and MRK Partners CEO Sydne Garchik

Praxis of Deerfield Beach Apartments and MRK Partners CEO Sydne Garchik

A partnership between MRK Partners and R4 Capital bought a Deerfield Beach senior living facility for $24 million.

The El Segundo, California-based MRK Partners and New York-based R4 Capital purchased the 224-unit Praxis of Deerfield Beach Apartments for $107,142 per unit. Reston, Virginia-based SJM Partners sold the property.

The partnership secured a $25.8 million Housing and Urban Development loan from Jones Lang Lasalle Multifamily LLC.

The Praxis of Deerfield Beach apartment complex, at 1181 Southwest 15 Street, is for adults 55 and older, according to its website.

Amenities include two clubhouses, a swimming pool, Jacuzzi, picnic area, shuffleboard, a business center and laundry facility. All of the apartments are wheelchair accessible and include a private balcony or patio area, according to its website.

The property last traded for $14.1 million in 2015, records show.

In June, MRK Partners paid $43.5 million for a senior affordable living facility in South Miami Heights. MRK Partners was founded by Sydne Garchik in 2015 and now has more than 3,000 units and 15 properties in its portfolio, according to its website. The real estate firm focuses on affordable housing and also owns the Phoenix, a 164-unit facility in Homestead at 1554 Northeast Eighth Street.

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